Overview
- A Spanish report relayed by WWD says Estée Lauder hired J.P. Morgan to structure roughly €5 billion in financing tied to its ongoing merger talks with Puig.
- Expansión reports Lauder is weighing a cash-and-stock offer that would use the financing to help fund the deal.
- The publication says Lauder would need about €3 billion to €3.5 billion in cash to pay Puig’s minority shareholders who can opt for cash.
- Puig’s gross debt of nearly €1.5 billion would likely be refinanced as part of the transaction, according to the same report.
- Puig shares jumped about 5.6% after the report, while Puig declined to comment and WWD said Estée Lauder could not be reached; the companies first disclosed merger talks on March 23.